Joseph Cammarata has been found guilty in connection to a securities fraud scheme.
Cammarata (right), former CEO of Investview (who run iGenius), had a side gig recovery scam through Alpha Plus Recovery.
“As alleged, these defendants manipulated complicated financial transactions for years in order to steal roughly $40 million,” said Acting U.S. Attorney Williams.
“Cammarata, Cohen and Punturieri committed fraud on top of fraud, filing claims on behalf of clients that didn’t actually exist and doctoring false financial documents to support those fraudulent claims.
Their alleged scheme has now been uncovered and they will have to answer for their conduct.”
Cammarata’s trial kicked off on October 20th. The jury found him guilty on counts 1 to 6 and 11 and 12 of Cammarata’s superseding indictment on October 26th.
Cammarata’s indictment pertains to mail and wire fraud conspiracy, wire fraud, money laundering and conspiracy to commit money laundering.
Cammarata is facing up to 20 years on each count, translating to a maximum 160 year prison sentence.
Cammarata’s sentencing is scheduled for February 21st, 2023.
In related news, Cammarata’s conviction has removed the stay on parallel SEC proceedings.
The same day the SEC’s case against Cammarata was unsealed, Judge Kenney denied Cammarata’s motion to stay a previously granted Temporary Restraining Order.
The granted TRO froze Cammarata’s assets, preventing him from further using ill-gotten gains.
Also on October 27th, Cammarata’s SEC case was referred to mediation. We’ll keep you posted.